Idaho Administrative Code
Title IDAPA 18 - Insurance, Department of
Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES
Section 18.07.01.055 - REGULATION - COMPLIANCE

Universal Citation: ID Admin Code 18.07.01.055

Current through August 31, 2023

01. Wavier of Compliance. No regulatory standards are waived during the pendency of a Plan application. (4-6-23)

02. Merger or Acquisition. MHC mergers and acquisitions are subject to Director approval. If a MHC is to acquire more than fifty percent (50%) of a stock insurance company, then the applicant files a plan describing the insurer's policyholders' membership interests in the MHC. (4-6-23)

03. Annual Financial Statement. A MHC will annually file a financial statement by June 1 including: (4-6-23)

a. An income statement; (4-6-23)

b. A balance sheet; (4-6-23)

c. A cash flow statement; (4-6-23)

d. The status of any closed block formed because of the Plan; (4-6-23)

e. An asset investment plan; and (4-6-23)

f. A statement disclosing any intention to pledge, borrow against, alienate, hypothecate, or otherwise encumber MHC assets. (4-6-23)

04. Subsidiary Investment Obligations. At least fifty percent (50%) of the MHC's generally accepted accounting practices (GAAP) basis net worth will be invested in insurance company subsidiaries. (4-6-23)

05. Distributions to Policyholders. Policy credits, dividends or other distributions to a MHC's policyholder members will be fair and equitable and are subject to Director approval and the public hearing process in Chapter 38, Title 41, Idaho Code. (4-6-23)

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